Buying a new home can be a rewarding experience, but it is critical to ensure you can afford to do so. As you compare the loan offers available and try to determine which one is the right fit for you, consider a 1st time home buyer loan in Asheville, NC. You may find that this is one of the most affordable options available to you when buying a home.
What Are They?
A 1st time home buyer loan is one that is available to people who are buying their first home or who have not had any ownership in a home in the last three years. This type of loan may be backed by the government if it is an FHA loan. Your lender can help you determine if you qualify. If you do, there are some outstanding benefits associated with these loans.
Often, the credit score requirements for obtaining this loan are much lower. They also require a smaller down payment, often no more than 3.5% of the sale price of the home. This makes it easier for you to obtain the loan.
Should You Choose a 1st Time Home Loan? For many, a 1st time home buyer loan in Asheville, NC, can be worth the investment. It is easier to qualify for, requires less money down, and may even have a lower interest rate than other loans out there. That could make it one of the most affordable loans available to you today.
